Las Vegas Payroll Tax Attorney

If you are in debt to the Internal Revenue Service because of unpaid business or payroll taxes, we can help you find a solution. 

Whether your underlying problem is personal income loss, plunging business revenues, payroll tax underpayment or other issues associated with the difficult economic climate, contact a payroll tax attorney at Randolph Law Firm for assistance.

• We have over 50 years of combined experience
• We can help you with tailored solutions that fit your unique situation
• We can help you get out of tax debt

Find out about your options. Call Las Vegas tax attorney Taylor Randolph at the Randolph Law Firm. 702-757-7777

Do You Owe the IRS Money That You Simply Don’t Have?

If you owe the IRS money that you can’t afford to pay, the agency may be taking aggressive steps to collect. You may be receiving threatening letters, or you may be experiencing financial hardship because of wage garnishments or bank levies that have already been used against you.

Solutions to these problems can usually be worked out with the help of a qualified lawyer, no matter how bad your situation seems; doing nothing is the worst option when it comes to the Internal Revenue Service. Options for resolving IRS debt include:

• Offers in Compromise, which can enable you to pay off your tax debt according to your ability to pay
• Moving your debt into non-collectible status, a hardship deferment
• A payment plan that will enable you to make affordable payments over time
• A Chapter 7 or Chapter 13 bankruptcy filing that can include some types of tax debt and other debts

Understanding Your IRS Debt Situation

If you owe payroll taxes, or you have unpaid business taxes, understanding your IRS debt situation is key. 

What Are the Consequences of Unpaid Tax Debt?

When you owe money to the IRS, ignoring the problem can lead to severe consequences. The IRS has powerful collection tools at its disposal, including:

1. Tax liens on your property
2. Wage garnishments
3. Bank account levies
4. Seizure of assets

These actions can severely impact your financial stability and quality of life. It’s crucial to address your tax debt proactively to avoid these outcomes.

Why You Shouldn’t Face the IRS Alone 

Dealing with the IRS can be intimidating and complex. Tax laws are intricate, and the IRS has vast resources at its disposal. By working with a qualified tax attorney, you can:

• Ensure your rights are protected
• Navigate complicated tax laws 
• Explore all available options for tax relief
• Negotiate with the IRS effectively

IRS Debt Resolution Options 

Various options may be available to help you resolve your tax debt. As your payroll tax attorney, I will evaluate your unique situation and help you make informed decisions about how to proceed. Your IRS debt resolution options might include the following.

Offers in Compromise: A Fresh Start

An Offer in Compromise (OIC) is an agreement between you and the IRS that settles your tax debt for less than the full amount owed. This option is ideal if you can’t pay your full tax liability or doing so would create financial hardship.

Key points about OIC:

• The IRS considers your ability to pay, income, expenses, and asset equity
• You must be current with all filing and payment requirements
• The offer must be equal to or greater than the IRS’s calculated “reasonable collection potential”

Currently Not Collectible Status: Temporary Relief 

If you’re facing severe financial hardship, you may qualify for Currently Not Collectible (CNC) status. This doesn’t erase your tax debt, but it temporarily halts IRS collection activities.

Important facts about CNC status:

• The IRS will review your financial situation periodically
• Interest and penalties continue to accrue on your tax debt
• The statute of limitations for collection (usually 10 years) continues to run

IRS Payment Plans: Manageable Monthly Payments

Setting up a payment plan with the IRS allows you to pay your tax debt over time. There are two main types of payment plans:

1. Short-term payment plan (120 days or less)
2. Long-term payment plan (installment agreement)

Benefits of IRS payment plans:

• Avoid more aggressive collection actions
• Lower penalties and interest rates compared to not paying at all
• Flexibility to choose a payment amount that fits your budget (within IRS guidelines)

Bankruptcy and Tax Debt: A Last Resort 

In some cases, filing for bankruptcy may be an option to deal with overwhelming payroll or business tax debt. However, this should be considered a last resort due to its long-lasting impact on your credit and financial future.

Considerations for bankruptcy:

• Not all tax debts are dischargeable in bankruptcy
• Chapter 7 bankruptcy may discharge some tax debts if they meet specific criteria
• Chapter 13 bankruptcy allows you to pay off tax debts through a repayment plan

Steps to Take When Facing IRS Debt 

Dealing with IRS debt can be overwhelming, but remember that you have options. By taking proactive steps and seeking professional help from payroll tax attorney Taylor Randolph, you can resolve your tax issues and regain financial stability. Don’t let fear or uncertainty prevent you from addressing your tax debt – the sooner you act, the more options you’ll have available.

1. Don’t Ignore IRS Notices

Ignoring IRS notices will only make your situation worse. Read all correspondence carefully and respond promptly.

2. Gather Your Financial Information 

Collect all relevant financial documents, including:

• Tax returns for the past few years
• Pay stubs
• Bank statements
• Lists of assets and debts

3. Consult with a Tax Professional

A qualified tax attorney at our law firm can help you understand your options and develop a strategy to resolve your tax debt.

4. Explore Relief Options 

Determine which tax relief options you may qualify for based on your financial situation. Our law firm can help you understand more about the options you may have available. 

Negotiate With the IRS 

Work with our legal team to negotiate with the IRS and secure the best possible resolution for your situation.

Preventing Future Tax Debt

Planning ahead for tax time can help prevent future payroll and business tax debt. An experienced business and payroll tax attorney at our law firm will work closely with you to understand your business and provide strategic guidance to help you avoid 

Stay Current on Tax Filings 

Always file your tax returns on time, even if you can’t pay the full amount owed. This avoids failure-to-file penalties and keeps you in compliance with IRS requirements.

Adjust Tax Withholdings 

If you consistently owe taxes at the end of the year, consider adjusting your withholdings to avoid future tax debt.

Plan for Self-Employment Taxes

If you’re self-employed, set aside money regularly for estimated tax payments to avoid a large tax bill at year-end.

Seek Professional Tax Planning Advice 

Working with a tax professional can help you develop strategies to minimize your tax liability legally and avoid future tax debt.

Conclusion: Take Action Today 

Remember, the IRS is often willing to work with taxpayers who show good faith efforts to resolve their tax debts. By exploring the options outlined in this guide and working with a qualified tax professional, you can find a solution that works for your unique financial situation.

Don’t let tax debt control your life any longer. Take the first step towards financial freedom by addressing your IRS debt today.

Contact an Experienced Southern Nevada Payroll Tax Attorney

Las Vegas Business tax attorney Taylor Randolph is a highly-qualified tax advisor with a detailed understanding of IRS policies and procedures. Contact us for a free consultation regarding your tax situation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.